Title
USDJPY H1 I Heading towards 61.8% Fibonacci resistance
Type
Bearish reversal
Preference:
The price is rising toward the pivot at 155.97, a pullback resistance level that aligns with the 61.8% Fibonacci retracement. A reversal at this level could lead the price toward the 1st support at 155.03, an overlap support.
Alternative Scenario:
If the price breaks above the pivot, it could rise toward the 1st resistance at 156.65, a pullback resistance level.
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Desmond Leong runs an award-winning research firm (The Technical Analyst finalists 2018/19/20 for Best FX and Equity Research) advising banks, brokers and hedge funds. Backed by a team of CFA, CMT, CFTe accredited traders, he takes on the market daily using a combination of technical and fundamental analysis.